China is planning to invest $440 billion (3 trillion yuan) in stimulus funding on renewable energy, according to an AFP report.
The report cites the Beijing Morning Post and a State Energy Administration official who said much of the investment will go towards wind power.
The timeframe for the stimulus spending was not reported.
China wants accelerate its plans for wind power, aiming for more than 100 gigawatts (GW) by 2020–more than triple the goal of 30 GW announced in 2007.
The report follows an announcement made last week by Zhou Xi’an, a director general at the State Energy Administration, stating that China wants 6% of its power to come from renewable energy by 2020 (excluding hydropower)–up from a current level of 1.5%.
China currently depends on coal for nearly 70% of its energy production.
Last November, China unveiled a $584 billion stimulus package supporting its auto industry, petrochemicals and eight other sectors.
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Read Reuters coverage at the link below.
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